Jigsaw seeks 30% rent reduction from landlords

Jigsaw rent reduction rent cuts David Ross

Jigsaw is reportedly seeking a 30 per cent rent reduction from its landlords and has asked to delay rent payments in a bid to avoid a high street demise.

The fashion retailer has appointed real estate service Colliers International to advise on its property portfolio and is reportedly in advanced negotiations at a number of regional locations, according to Property Week.

The news comes less than two years after it secured a £20 million rescue deal from Carphone Warehouse co-founder David Ross, who became the retailer’s majority shareholder.

Since March 2018, several senior staff have left Jigsaw, including two chief executives.

Peter Ruis left the retailer in March 2018 and his successor Chris Stephenson left in January 2019 after only six months in the role.

Jigsaw does not currently have a chief executive.

The retailer’s parent company Robinson Webster Holdings made an operating loss of £9.5 million in 2018, versus the £500,000 loss posted the previous year.

Underlying adjusted EBITDA in the period plummeted 85 per cent year on year from £2.7 million to £400,000.

Jigsaw currently has around 80 standalone stores across the UK and a number of concessions at department stores such as John Lewis and Harvey Nichols.